Feds sue mortgage company over alleged illegal foreclosures

21 Avril, 2017, 03:15 | Author: Marc Bacque
  • Ocwen Sued by CFPB as Regulators Question Company's Survival

Big banks were eager to shed business known as subprime mortgage servicing, both because of the relatively high levels of capital required to finance it and the investments in staff and systems that would likely be required.

The CFPB, the state of Florida, and other state agencies are suing Ocwen or issuing cease-and-desist orders against the company in the joint action filed Thursday.

The actions against Ocwen also weighed on shares of two other mortgage servicing companies, Altisource Portfolio Solutions SA (ASPS.O) and New Residential Investment Corp (NRZ.N), which fell by more than 36 percent and 12 percent, respectively.

A department spokeswoman said that Ocwen handles just over 45,000 loans in MI.

"Ocwen has repeatedly made mistakes and taken shortcuts at every stage of the mortgage servicing process, costing some consumers money and others their homes", CFPB Director Richard Cordray said in a statement.

On April 20, 2017, the Consumer Financial Protection Bureau announced that it was suing Ocwen for generating errors in borrowers' accounts, failing to credit payments, illegally foreclosing on homeowners, and charging borrowers for add-on products without their consent.

Florida Attorney General Pam Bondi (R) on Thursday filed a separate federal suit against Ocwen before the same court. While not a member, North Carolina examined the committee's findings as part of its routine regulatory operations.

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In perhaps the most damning passage, the Commissioner of Banks claims that if the servicer were to include these liabilities, "it would indicate that Ocwen continuing as a going concern would be in doubt".

At the end of a year ago, Ocwen serviced almost 1.4 million loans with an unpaid principal balance of $209 billion, according to the consumer bureau.

Mortgage servicers process paperwork and repayments, deal with loan modification requests and perform other tasks involving borrowers - who have no say in selecting the servicing companies and typically can not switch to other firms.

The lawsuits call for Ocwen to pay penalties as well as undisclosed financial relief to borrowers.

If you are an Ocwen shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker ([email protected]) at 619-814-4471.

After receiving her May mortgage statement, the borrower reported that Ocwen mistakenly placed her principal and interest payment into a suspense account.

The company said the accusations by the federal agency are "inaccurate", "unfounded" and the result of a "self-serving conclusion". The CFPB went after Ocwen in 2013, again alleging that the company had failed to services its loans improperly. If you email, please include your phone number.

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